Internet advertising network Real Media, New York said it won an infusion of new financing, is restructuring its top management and has withdrawn its S-1 IPO filing with the Securities and Exchange Commission. Long-time backer PubliGroupe, a Swiss advertising services company, and the Destination Group, an equity investment and management firm, have committed to new financing and to support a significant cost-reduction program at Real Media. Real Media did not disclose the amount of the new financing.
Separately, Walter Annasohn was named president-CEO of Real Media, from senior VP-international sales network of PubliGroupe. He succeeds Chris Neimeth, who left the company to pursue other interests. Real Media founder Dave Morgan remains the company's co-chairman. Mr. Annasohn is a director of Real Media.
Copyright December 2000, Crain Communications Inc.